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euro adhoc: GfK AG
Quarterly or Semiannual Financial Statements / GfK nine-month results outperform total results for 2003

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
The GfK Group has continued its successful path of the first six
months into the third quarter. The target sales figure was EUR 487.1
million, which is 13 per cent more than that of the same period in
the previous year. Rising by 24.5 per cent to EUR 58.3 million, EBIT
after income from participations once again increased at a
significantly higher rate than sales. At 12 per cent, the sales
margin remained a good percentage point above the previous year.
Consolidated total income rose to EUR 34.6 million with the result
that after nine month it was already greater than that of the
previous year as a whole (EUR 33.3 million).
Income from participations amounted to EUR 3.6 million (previous
year, EUR 4.4 million). Not taking into account the additional profit
arising from the EUR 1.6 million sale of the share in the company
Centrum in the Netherlands, the increase in income from
participations stood at EUR 0.8 million. At EUR 16.1 million,
depreciations were somewhat lower than those of the previous year
(EUR 18.1 million).
With a drop of EUR 1.7 million, net interest income was lower than
that of the same period of the previous year (EUR -1.2 million). At
EUR 2.2 million, net other financial income increased significantly
year on year (previous year, EUR 0.01 million). This is particularly
attributable to the capital gained from the sale of subsidiaries of
the bwv Group, Switzerland.
Taxes on income and revenue mounted to EUR 20.1 million (previous
year, EUR 17.1 million). At 34.2 per cent, the taxation ratio was
clearly lower than the previous year’s value of 37.5 per cent. The
lower taxation ratio was partly due to high profit contributions from
countries with lower tax burdens. It was also due to the fact that
the corporation taxation rate in Germany was 1.5 percentage points
lower than in the previous year because of the end of the flood
victim solidarity charge at the end of 2003. In addition, legal
integration of GfK’s USA-based companies has tax advantages.
GfK has experienced a very successful year to date. Growth achieved
in the third quarter has boosted this success and GfK has confirmed
the increase in its forecasts made in the first half-year for
financial year 2004. GfK has added a statement regarding consolidated
total income after minority interests to the outlook. Sales for the
year as a whole are expected to rise by almost 11 per cent  and will
certainly reach at least EUR 660 million, including sales of
companies acquired during the course of the current financial year.
GfK is also expecting to attain EBIT after income from participations
of at least EUR 82 million. Based on sales, the margin is set to
amount to approx. 12.5 per cent. It is anticipated that consolidated
total income after minority interests will rise to approx. EUR 50
million, which is a total increase of 50 per cent on the year. It
also clearly exceeds the predicted group profit figures forecast by
analysts, which have been averaging EUR 43.6 million.
Third quarter report: gfk.de
end of announcement                    euro adhoc 17.11.2004 20:32:00 

Further inquiry note:

Bernhard Wolf
Tel.: +49 (0) 911 395 2012
E-Mail: bernhard.wolf@gfk.de

Branche: Consultancy Services
ISIN: DE0005875306
WKN: 587530
Index: SDAX, Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen: Frankfurter Wertpapierbörse / official dealing

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